It's being reported today that Verizon is launching a new mobile phone service using the 25-year-old Yahoo brand.

Guru Gowrappan, a former Alibaba executive who took the helm as Verizon Media's CEO last year, wants to diversify revenue so that ad sales, subscriptions and transactions are roughly equal in size five years from now. Creating Yahoo Mobile is part of that plan, he told CNN Business.

Yahoo Mobile operates on Verizon's 4G LTE network and offers unlimited talk, text and data for $39.99 per month for iOS and Android phones. Customers will get a free Yahoo ad-free mail service account, which normally costs around $40 per year. The service is available for purchase online and can be used with iPhone and Android devices.

Gowrappan said Yahoo Mobile could expand with more plans within the next year that are tailored to its fans' passions, perhaps including a phone with free access to Yahoo Finance's premium service or a sports betting plan with personalized offers. For more, read the full CNN report.

You could learn more about the new $40 plans here.